It has just been announced that the Abu Dhabi Fund for Development has formalized a contract for a grant of Dh2.9 billion. This grant is to implement a project in Bahrain.
This grant will prepare the land for reclamation to get underway and would also enable the beginning of the construction of North City (which will be an island built in Bahrain). Phase one of the construction will cost about Dh374 million.
Phase two will cost about Dh2.56 billion which will include building 2,694 houses and towards the ending of the contract the city will be made up of interlinked man-made islands.
The Minister of Housing (Basim Al Hamer) gave a speech in which he emphasis on how appreciative they are with the funding and that the new investments will create more homes for the people of Bahrain. He also added that he hopes this new inventions will improve the economic conditions of the country as well as social development.
As part of Gcc’s development programme which is aimed at supporting development project in Bahrain the Dh9.19 billion grant for the project was funded by the UAE
ADFD will also manage development projects which will include health, housing, transportation as well as water and this was as a result of the grant provided by UAE.